10 Must Reads for the CRE Industry Today (May 21, 2015)

10 Must Reads for the CRE Industry Today (May 21, 2015)

 

  1. Silicon Bowery: Does the Bowery Own the Future of Manhattan Creatives? “Adrian Hopkins likes the Bowery so much as a work neighborhood that he organizes area walks for new staff and colleagues at peer companies in the area. He likes to take people out and show them the spots that represent the spirit that, he believes, makes it the right part of Manhattan for a technology-oriented, entrepreneurial company to be based. Mr. Hopkins is the director of strategy for Bureau Blank, a creative agency that’s focused on organizations and government more than media and industry.” (Commercial Observer)
  2. Manhattan, LA and Chicago Lead Retail Investment Sales “Manhattan came out ahead of the rest of the country in the retail investment market last year with a total transaction volume of $6.5 billion, according to a new report by Cushman & Wakefield.” (The Real Deal)
  3. CVS Health Agrees to Buy Omnicare in $12.7 Billion Deal “The CVS Health Corporation said on Thursday that it had agreed to acquire the pharmacy services provider Omnicare for about $12.7 billion, including debt.” (New York Times)
  4. Global Cities Being Transformed by Transit Oriented Development “According to a new report from CBRE, a series of factors are converging to create global opportunities for Transit Oriented Developments (TODs) that are ‘city changing’ in scale.” (World Property Journal)
  5. New Luxury Rental Projects Add to Rent Squeeze “Developer Mark Randall cut his teeth over the last few decades building apartments for Atlanta’s middle-class with properties such as Alta Ridgewalk, a complex of low-rise buildings clustered around a swimming pool in suburban Atlanta.” (Wall Street Journal)
  6. As Shake Shack Reopens Flagship, Danny Meyer Becomes $600 Million Man “Shake Shack founder Danny Meyer can enjoy multiple pieces of good news today. First, his original flagship burger joint in Madison Square Park reopened on Wednesday morning at 11am, more than seven months after it closed for renovations. Second, Shake Shack’s stock performance since its initial public offering in January has raised Meyer’s personal fortune to more than $600 million.” (Forbes)
  7. Target's Turnaround Is Off to a Faster Start Than Walmart's “Target’s plan to recapture the discount retailer’s old ‘Tar-zhay’ magic with millions of middle-class customers seems to be taking hold, showing results more quickly than Walmart’s parallel efforts to re-invent itself.” (Fortune)
  8. Buyer Pays $160 Million for 10 Medical Office Buildings The health care arm of MB Real Estate paid $160 million for 10 Chicago-area medical office buildings, a sector growing because of Obamacare and the aging of the baby boom generation. (Crain’s Chicago Business)
  9. Is This the Office of the Future or a $5 Billion Waste of Space? “Workers of a certain age may recall that long ago, people once divided their waking hours into two parts: work and life. At quitting time, Fred Flintstone would slide down the tail of his dinosaur with a ‘Yabba dabba doo!’ That was before technology put the office on vibrate inside everyone’s pocket, and before economic upheaval decoupled work from the security of a full-time job. Today, an estimated one-third of the labor market is made up of ‘contingent’ workers—freelancers, contractors, and the self-employed. When the job is no longer 9-to-5, it’s hard to keep a work-life balance. Now, though, there’s a place where the age-old divide can seem irrelevant, where toil and fun blend together beneath neon signs that say things such as ‘Embrace the Hustle.’ Where there’s always a free keg of beer at the self-serve bar, with a tap that says: WeWork.” (Bloomberg)
  10. U.S. Judge Rules RadioShack IP Auction Was Fair “A U.S. bankruptcy judge on Wednesday cleared the way for RadioShack Corp to sell its brand name and customer data to a Standard General affiliate for about $26 million, rejecting a competing bidder's claim that the auction process was unfair.” (Reuters)

 

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